#资产代币化 Asset tokenization has become a new trend, but I have to pour cold water on it—recent guidance from the SEC on custody hits many people's pain points.

Over the past few years, I've seen too many tragedies: losing the private key means permanent loss, and theft can't be recovered. Hot wallets are convenient, but they become a buffet for hackers; cold wallets are safer, but hardware loss, damage, or theft are also common. I've seen paper wallets lost and cold wallet hardware thrown away as trash—all real money involved.

Third-party custody seems convenient, but you need to ask clearly: are they using hot storage or cold storage? Have they done collateralization or asset mixing? If they are attacked or go bankrupt, how much can your insurance cover? These are critical issues that cannot be overlooked.

Now, with the SEC approving tokenization pilot programs and the OCC issuing national trust bank licenses to five crypto companies—things look impressive, but don’t be blinded by these policy benefits. Assets entering the banking system do not guarantee your money is absolutely safe. There are many lessons from history; every time, someone takes over at a turning point.

Whether choosing a self-custody wallet or third-party custody, you must acknowledge the risks. The key is to have a clear understanding: what are you betting on, and what level of loss can you bear? Don’t wait until something happens to regret it.